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Accounting Policies of Extol Commercial Ltd. Company

Mar 31, 2014

I) BASIS OF ACCOUNTING

The financial statements have been prepaired on the basis of historical cost convention in accordance with the General Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 and the relevant provisions thereof.

ii) Regular item of other income and expenditure are recognised on accrual basis

iii) Accounting for Taxes of Income:

Current Taxes

Provision for current Income-Tax is recognized in accordance with the provisions of Indian Income -Tax Act,1961 and made annually based on the tax liability after taking credit for tax allowances and exemptions.

Deferred Tax Assets

Deferred Tax Assets and Liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for Income Taxes and the profits as per the Financial Statements. Deferred Tax Assets and Liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date. Deferred Tax Assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred Tax Assets are reviewed as at each Balance Sheet Date.


Mar 31, 2012

I) BASISOF ACCOUNTING

The financial statements have been prepared on the basis of historical cost convention in accordance with the General Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 21 l(3C)of the Companies Act, 1956and the relevant provisions thereof.

ii) Regular item of other income and expenditure are recognized on accrual basis

iii) Accounting for Taxes of Income:

Current Taxes

Provision for current Income-Tax is recognized in accordance with the provisions of Indian Income -Tax Act, 1961 and made annually based on the tax liability after taking credit for tax allowances and exemptions.

Deferred Tax Assets

Deferred Tax Assets and Liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for Income Taxes and the profits as per the Financial Statements.

Deferred Tax Assets and Liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date. Deferred Tax Assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred Tax Assets are reviewed as at each Balance Sheet Date.


Mar 31, 2010

A) Accounting Convention : The financial statements are prepared under historical cost convention, on going concern basis and in terms of the Accounting Standards issued by the institute of Chartered Accountants of India and in compilation with provisions of Companies Act, 1956. The company follows the mercantile system of accounting and recognises income and expenditure on accrual basis to the extent measurable and where there is certainity of ultimate realisation in respect of incomes. Accounting policies are consistent and in consonance with the generally accepted accounting principles in India.

b) Investments : Long Term Investments are carried at cost.

c) Regular item of other income and expenditure are recognised on accrual basis